Visa, Paymate Team Up To Expand Regional B2B Payments

Visa and
PayMate, a leader in India’s Business-to-Business (B2B) payments landscape,
announced an expanded collaboration to provide Visa’s issuing financial
institution clients in the Central and Eastern Europe, Middle East and Africa
(CEMEA) region with access to PayMate’s proprietary payment platform for their
corporate customers’ payments needs.

This move
follows Visa and PayMate’s initial launch in India in 2017. PayMate’s
cloud-based platform digitizes the entire procurement-to-payment cycle for
businesses and helps large enterprises and SMBs to transition from
traditionally slow and costly forms of payments like cash and checks to
real-time and efficient digital payments. The platform is built to help its
business customers automate and seamlessly manage vendor payments (Payables),
customer payments (Receivables) and invoicing, thus improving process efficiency
and providing greater transparency of cash flows.

Rakesh
Khanna, Vice President, head of Visa Business Solutions, CEMEA Visa adds, “Visa
has a significant focus on digitization of B2B payments and we are teaming up
with companies like PayMate to help simplify payables and receivables processes
for businesses of all sizes. Our initial foray with PayMate in India resulted
in a large number of Enterprises and SMBs making payments using Visa commercial
cards across industry verticals, contributing to significant B2B payment volume
growth in the country. We are keen to extend this alliance to enable our
financial institution clients in CEMEA to streamline the B2B payments process
for their corporate customers. At the same time, we are introducing secure,
fast and efficient digital payments to the sellers to help optimize their cash
flows.”

Ajay
Adiseshann, CEO, PayMate says, “There is an ever increasing demand for
automation and digitization of the entire procurement to payment cycle to help
save cost, time and effort. We have a comprehensive payments platform that
reduces expenses and time for processing payments, thus helping buyers pay
earlier and helping sellers receive payments faster. We are thrilled to expand
outside India with Visa and offer our platform to businesses operating in CEMEA
region.”
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